Gatlinburg Real Estate 3rd quarter market update.

The first quarter of 2008 was the slowest here in the Gatlinburg/Smoky Mountain real estate market so far this year.  345 homes sold with an average list price of $198,610 and an average sold price $189,166.  That is a list to sold price ratio of 95.25%.  The second quarter saw a 14% increase in units sold to 403 with an average list price of $211,782 and an average sold price of $199,633, up 5.53% from quarter one.  The third quarter resulted in 358 homes sold, up 3.76% from quarter one with an average list price of $194,665 and an average sold price of $184,139, off 2.65% from quarter one but holding steady with an average list to sold price ratio at 94.6%.  What does all this mean?  That the analysts are most likely correct, we may very well be at or near the bottom of pricing.  The bottom line is that no one rings the bell at the bottom and we are usually six months past the bottom of the market before we know it.  Most experts have advocated a long term approach to growing wealth and assets.  Buy and hold for long term profits as opposed to the quick fix of “flipping” for short term profit.  With Gatlinburg Real Estate inventory up, pricing down, and sub 6% fixed 30 year mortgage rates, now may actually be the best time to buy. Back in the first quarter I saw Real Estate experts Robert Kiyosaki and Donald Trump on Larry King Live saying we were at or near the bottom of home prices.  Each advised people to get out and buy now.  It looks like they called it. I couldn’t agree more!   Visit our home search for more information on current Real Estate for sale in Gatlinburg.

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